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The Boston Globe

Business

Swiss Re settles dispute with Berkshire Hathaway

GENEVA — Swiss Re Ltd., the world’s second-biggest reinsurer, said Thursday that it has settled a dispute with Warren Buffet’s Berkshire Hathaway Inc., in a deal that will boost the Swiss company’s profits in the first quarter.

The Zurich-based group said Berkshire Hathaway agreed to pay $610 million so that Swiss Re will take back some risks under a 2010 deal. Reinsurance involves one company’s agreeing to share a large insurance risk with another and pay part of any loss.

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Swiss Re said the payment, which involves a group of renewable­ term-life policies sold in the United States before 2004 and several other factors, would add about $100 million to its first-quarter profits.

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